CPA Firm Practice Management Feed

CPA Firm Practice Management

CPA Firm Practice Management covers a wide array of topics from succession planning, human capital management and practice development. CPA Firm Practice Management also includes the use of marketing, like social media and SEO, and developing new clients. The Private Companies Practice Section is a membership section of the AICPA consisting of public accounting firms. PCPS’s mission is to make practicing CPAs and their firms successful through education and advocacy.

 

 

 

 

 

 

 

 

 


 

Small Firms Make a Difference in Unexpected Ways

Small firmI recently heard a moving story about an acquaintance’s father who passed away unexpectedly. Married to his childhood sweetheart for more than 60 years, he was a dedicated father and husband. He had been the manager of his family’s accounts. Upon his death, his widow and family had to set aside their grief to grapple with urgent financial issues, including funeral expenses and insurance matters. Fortunately, a trusted advisor was able to help. The family’s CPA, a small firm practitioner who had known the family for years, was well acquainted with their finances, and immediately came to their aid, offering his technical expertise. The CPA restored order to the family’s accounts and eased their worries. They had peace of mind knowing their CPA was prepared to protect their interests during and after a highly emotional and stressful time.      

Stories like this one unfold every day in CPA firms across America. Whether they’re advising startups on growth opportunities or helping individuals handle life changes, small firm CPAs have a profound impact on their clients, supporting them as they strive for their goals, build for the future or deal with crises as they arise.

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3 Solutions to Firms’ Top Challenges

Find the right peopleYour practice is thriving, but there are some issues that continue to present challenges. Are other firms like yours facing these issues, too? And what trends are other CPAs seeing that you ought to know about?

Practitioners can find the answers to these questions and more in the results from the 2017 Private Companies Practice Section (PCPS) CPA Firm Top Issues Survey . This unique survey, which is conducted every two years, identifies the significant concerns for firms of various sizes and spotlights emerging challenges in practice management. Barry Melancon, President and CEO of the Association of International Certified Professional Accountants, provided an overview of the survey results yesterday during his Professional Issues Update at the AICPA ENGAGE Conference.

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Will You Accept This Rose? Determining Which Clients Stay and Which Go

Nick ViallTonight on The Bachelor, Nick Viall will presumably propose to one of two women in what the television network promises is the “most dramatic finale yet.” At the start of the season, 30 women were all vying for the bachelor’s attention in the hopes of becoming his fiancé. Each week, as part of the journey to find “the one”, he had the difficult, and sometimes awkward, task of sending women home during the rose ceremony. Even though Nick is a veteran of reality television dating shows (he was the runner-up on two seasons of The Bachelorette and also appeared on Bachelor in Paradise), he often expressed how challenging it is to say goodbye to the women.

Now I know that CPAs do not distribute roses to their clients that they wish to retain, however, like contestants on The Bachelor, practitioners often explain how “breaking up” with a client is far from easy. Luckily, the AICPA’s Private Companies Practice Section (PCPS) has tools to help with this process so that your client isn’t crying in the limo ride home.

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5 Ways to Drive Small Firm Growth

Shutterstock_550988503CPA firms across the country are thriving, according to the 2016 PCPS/CPA.com National Management of an Accounting Practice (MAP) Survey. This unique study is the largest and most comprehensive examination of firms’ financial health and practice management approaches and solutions. To enhance the survey’s usefulness, the results are broken down into seven defined CPA firm segments, from small practices with less than $200,000 in annual revenue to large firms with $10 million or more. The latest survey found that firms are indeed doing well, with many practices making the strategic decision to reinvest profits back into the firm to build an even stronger foundation for the future.

Small firms appeared to have a particularly bright future. Firms with less than $200,000 in revenues who completed the survey reported growth of almost 11%—up from 8% in 2014. What trends or decisions are powering small firm growth? Here are some key insights based on the survey findings:

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Find the Answers to Your Practice Management Questions

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Do you have questions about the best practice management direction for your firm? Should your firm consider value billing? Is your firm’s revenue comparable to other similar-sized firms in your area? How much are other firms investing in technology? The 2016 AICPA PCPS/CPA.com National Management of an Accounting Practice (MAP) Survey has the answers. The profession’s largest benchmarking poll on practice management topics, which is conducted every two years, offers unique perspectives on the latest trends within seven defined CPA firm segments, from small practices with less than $200,000 in annual revenue to large firms with $10 million or more. The comprehensive data spotlights best practices for firms, identifies challenges and highlights how firms are tackling them. Practitioners can use the survey data to compare their own approaches with those of firms in the same region along with those with similar revenues. They also can compare their firms to others across the profession. Let’s look at some of the insights the latest survey has to offer. 

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